It's been a rough week for tax pros and financial execs grappling with the twin demons of the IRS and SOX.
The percentage of respondents who say operating conditions are running worse than last year has jumped to 51% from 33% in one week.
Of course, the data could be skewed by the mid-March SOX filings. And the season's not over until the fat lady sings. (Now, if ONLY we could remember the tune, we'd have something to look forward to.)
So, How's YOUR busy season? The polls are open all season. Click here to join the sample group and get the regular updates. Less than three weeks left!
How's the busy season going so far?
(as of week of March 21, 2005)
Better than last year: 28% (versus 41% last week)
About the Same : 22% (26% last week)
Not as Well as Last Year: 51% (33% last week)
RANDOM VERBATIMS
I was an audit manager at a big four public accounting. I left in late 2004 due to the black cloud named SOX that was looming on the horizon. I could see our firm was grossly understaffed and would not be able to handle the work coming our way (nor were they making any real changes to address the problem outside of "we'll make it work"). Busy season had always required very long hours, so adding SOX to the workload was unthinkable using the same staff. Personally, I had already given 5 prime years of my life working insane hours and could not bear giving anymore. I recently spoke with my old staff and their comments to me consistently reflect that the effect of SOX on the office is far worse than they could have possibly imagined. ... The staff on SOX engagements are working from 8 am to 9 pm everyday (sometimes until 3 am), including weekends, and are having their meals delivered to them so they don't leave their desks. They speak proudly that they were the last person in the group to have a "breakdown." Even if these staff people had wanted to leave the firm, they have no time to look for another job or are still too new to the firm to have the marketability they hoped to gain from working in public. ... These comments lead me to believe this is truly a horrible busy season for some. In this last article, I noticed quotes are disproportionately from partners, and I would be very interested in hearing from staff from large firms grappling with SOX (at the Microsofts, GEs and Coca Colas of the world). As we all know, most things roll downhill.
Head of tax department left, only 1 employee left (me!). No one's checking my work, there's no one to ask questions of - very stressful.
Had hired helped but did not have the experience they needed. Had been misinformed
Better prepared, fewer changes for my clients
More hours. The work itself is fantastic. There are challenges and comfortable "as-usual" accounts all in the same day, but I wonder why accountants put up with the schedule. There must be options other than 12-hour days, 6-7 days a week. I suppose if I were 22 and single, and work was my main social outlet I might feel differently. As an older staff accountant, I have a different view on the demands of work over home, and yearn for a reasonable alternative.
E-Filing added additional burdens. New tax preparers needed training. Younger CPAs are not as work-oriented as those who are older.
A combination of SOX and restatements are killing me. Eight 80 hour weeks in a row is not my idea of fun.
Full staff. Last year had one out on maternity leave. Absorbed two large clients last year. Not taking new business this year. Much of the work was delayed due to compliance work taking precedence on our clients part - forcing 3 80 hour weeks in a row - many of the big companies have outsourced parts of their accounting - covering all the bases and assuring security of information is becoming a nightmare.
Later nights, longer Saturdays.
More clients are e-filing their returns.
I have reached the point in my career when peers in other industries are referring me business. I am able to make a much greater contribution to my firm's bottom line other than by billable hours alone. My career really feels like it growing. I hope that my reviews and raise reflect that sentiment.
Much more emphasis on audit support, and more pressure around SOX and 404 compliance. Plus, we can do less work for our audit clients, and when we do it is somewhat contentious at times.
More involved audit requires greater dedicated resources.
